fund profile

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High-Yield Fund A: JHYAX

C: JDHCX

I: JHYFX

N: JHYNX

R: JHYRX

S: JDHYX

T: JAHYX

Total Return Approach to High-Yield Fixed Income Finding yield while managing risk in today’s market can be challenging. High-Yield Fund’s core high-yield strategy seeks strong, risk-adjusted results by investing in transformational balance sheet opportunities. Driven by a fundamentally based investment process, this dynamic, risk-aware approach seeks to temper the downside risks associated with the high-yield asset class over a full market cycle. Overall Morningstar RatingTM Based on risk-adjusted returns as of 9/30/17

★★★★

Class I Shares among 601 High Yield Bond Funds

Why Invest in the Fund Core High Yield The Fund seeks to identify high-yield corporate bonds from companies committed to transforming and improving their capital structure. Our fixed income team is structured around credit industries with fundamental credit analysis driving decision-making at every level of the investment process.

Integrated Research Partnership and fluid communication between fixed income and equity analysts promote idea generation. We believe the size of our portfolio gives us the scale to be an active player in the high-yield credit space, while the boutique nature of our firm gives us the flexibility to invest only where we have conviction.

Sophisticated Risk Management Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Competitive Returns with Less Volatility than Majority of Peers High-Yield Fund (Class I Shares) Compared to Index and Peers (10 Years: 10/1/07 - 9/30/17) Reward: Annualized Return Lower Higher

FUND PROFILE

3Q17 Fixed Income

8%

Bloomberg Barclays U.S. Corporate High Yield Bond Index

High-Yield Fund 7%

Morningstar High-Yield Bond Peer Group Median

6%

5%

4% 7%

8%

9%

10%

Lower Risk: Standard Deviation

11%

12% Higher

Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. As of 9/30/17, the 3 year standard deviation for High-Yield Fund (Class I Shares) was 4.51%.

Continued on back page.

High-Yield Fund (as of 9/30/17) Portfolio Management

The Janus Henderson Difference Competitor Analysis

Darrell Watters • Fund Manager since 2008 • Industry since 1986

Fund (Class I Shares)

# of Holdings

214

596

Sharpe Ratio - 3 yr

1.01

0.79

Standard Deviation - 3 yr

4.51

4.99

-24.51

-30.03

Max Monthly Drawdown - 10 yr (%)

Seth Meyer, CFA • Fund Manager since 2015 • Industry since 1998

High Yield Bond Category Average

Duration

3.72

3.35

30 Day SEC Yield

5.54

4.30

Source: FactSet and Morningstar, Inc. Yields shown include fee waivers, without such waivers the Fund yield would have been 5.54.

Performance (%)

1 yr

3 yr

5 yr

10 yr

Since Inception (12/29/95)

Class I Shares

8.14

4.84

5.78

6.90

7.54

Bloomberg Barclays U.S. Corporate High Yield Bond Index

8.88

5.83

6.36

7.84

7.30

45

34

27

21

6

104/484

11/203

Morningstar Percentile Ranking High Yield Bond Category Rank/Count

315/734

233/666 166/588

Expense Ratios (%): Gross 0.70; Net 0.70. Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/17.

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 or visit janushenderson.com/performance.

For more information, please visit janushenderson.com. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money. Performance for Class I Shares prior to 7/6/09 reflects the performance of one or more similar share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. There is no assurance that the investment process will consistently lead to successful investing. There is no assurance the stated objectives(s) will be met. Mutual fund investing involves market risk. Investment return and fund share value will fluctuate and it is possible to lose money by investing. Fixed income securities are subject to interest rate, inflation, credit and default risk.  The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa.  The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens. High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than U.S. Government and other high quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets. As of 9/30/17, High-Yield Fund Class I Shares Morningstar RatingsTM in the High Yield Bond category: 3 stars out of 601 funds, 4 stars out of 485 funds and 4 stars out of 319 funds, for the 3-, 5-, and 10-year periods, respectively. The Morningstar RatingTM for funds, or “star rating”, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a C-0917-12893 01-15-18

single population for comparative purposes. It is calculated based on a Morningstar RiskAdjusted Return measure that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class. The Morningstar percentile ranking is based on a fund’s total return (including income and capital gains, if any, and excluding sales charges) relative to all funds in the same category for the period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. The top-performing funds in a category will always receive a rank of 1. © 2017 Morningstar, Inc. All Rights Reserved. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. Sharpe Ratio measures risk-adjusted performance using excess returns versus the “risk-free” rate and the volatility of those returns. A higher ratio means better return per unit of risk. Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. Duration measures a bond price’s sensitivity to changes in interest rates. The longer a bond’s duration, the higher its sensitivity to changes in interest rates and vice versa. Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the US dollardenominated, high yield, fixed-rate corporate bond market. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. Not all Funds and Share classes may be available. Please consult your financial advisor. Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Janus Henderson Distributors 199-15-28758 10-17